In an investors note out Thursday, analyst Brian White cited research suggesting that the low-cost iPhone, aka "iPhone Mini," would come in five different colors. White told CNET that he believes four of the five colors will be white, black, pink, and blue.

The analyst also expects the low-cost phone to arrive before the iPhone 5S, which is likely to debut in September assuming Apple follows its usual schedule.

Rumors have run rampant over the past several months about a low-cost iPhone, with several analysts and Apple watchers saying such a phone would launch sometime this year.

A less pricey iPhone would be geared toward developing markets where the traditional iPhone is a bit too expensive for the average consumer. Apple, of course, has been mum on the topic.

White also believes that the iPhone 6, likely to launch in 2014, will sport a larger screen size than the 4-inch display found on the iPhone 5.